Taxes Code to be implemented from fiscal 2011-12
The government plans to implement the Direct Taxes Code (DTC) from 2011-12 after addressing all concerns relating to controversial
proposals like taxation of retirement benefits, weeding out incentives for housing sector and changes in the Minimum Alternate Tax (MAT).
The proposals in the Code are only “illustrative” and are open for discussion and there is no need to think that these “have been decided,” Finance Minister Pranab Mukherjee told news agency.
Giving the roadmap for the Code that will replace the Income Tax Act of 1961, he said, “It will be implemented from 2011. So, the finance bill of 2011-12 would be appropriate.”
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